Finding and keeping great talent

Finding Great Talent

I recently attended the Society for Human Resources national conference. I always return energized, and anxious to share my new found knowledge. While there we a number of fabulous programs, two in particular stood out and they were directly related to one another. How will companies grow and where will the find the right people to grow the business?

The first dealt with a global forecast on talent presented by The Boston Consulting Group. At the risk of oversimplifying their findings, the high level overview is that the competition for talent, such as IT and engineering will increase in the US, Brazil, Canada and China as well as emerging nations. Boston Consulting asked the question, “Will you have the human resources available to carry out your business plans? If the experienced individuals aren’t there, what do you do? Harvard Business review states that experience is overrated, and potential is more important. title=”Talent Spotting”>http://hbr.org/2014/06/21st-century-talent-spotting/ar/1. Then the challenge is who will train and develop those high potential employees?

The second program was a unique interviewing process to better predict job performance. Group interviews were more successful that one to one. Getting a team perspective on a candidate and how they would perform was a better indicator of success and longevity on the job. New and existing companies growth plans have traditionally revolved around new product development, marketing, execution and operations. In some companies their ability to meet business objectives may be hindered by a lack of qualified employees. There also great tools assessment tools out there with a 90+ retention rate after one year.

When this 3-5 year recession cycle runs it’s course, and demand for goods and services increases will you be ready? Will you have the human capital and a plan to attract and retain these highly talented people? Should you hire now in the down cycle before the competition for talent heats up?

What’s your plan?